A court filing on Monday revealed that failed crypto exchange FTX owns $1.16 billion worth of Solana (SOL) tokens – worth more than one-third of the company’s total $3.4 billion liquid crypto portfolio.
Its next largest crypto stash, Bitcoin (BTC), is worth $560 million based on pricing as of August 31. Ether (ETH) comes in at a distant third worth $196 million, with Aptos (APT) – the 36th largest crypto asset by market capitalization – was accounted for $136 million.
Solana also made FTX’s largest venture token investment worth $137 million, with NEAR token in second at $80 million.
The company also owns a separate stash of “Category B” crypto assets – lesser-known tokens that “fail to meet liquidity thresholds and/or are largely controlled by the estate.” These include approximately 10 billion Serum (SRM) tokens—the Solana decentralized exchange that went bust when it was revealed that FTX secretly had access to unilaterally change the protocol—and 269 million Mango (MNGO) tokens.
Meanwhile, Solana Labs co-founder Anatoly Yakovenko seems intent to carry on despite signs that FTX's estate is preparing to liquidate its holdings.
If everyone is throwing shade, then we will code in the shade https://t.co/KsvadiZRAR
— toly 🇺🇸 (@aeyakovenko) September 10, 2023
Today's court document provides a detailed breakdown of the bankrupt crypto exchange's assets including crypto, cash, government-recovered assets, and other investments, alongside payments made to former boss Sam Bankman-Fried and other executives.
Since filing for bankruptcy in November, FTX has secured another $1.5 billion in cash on top of the $1.1 billion it held at the time of the collapse.
The former CEO, his right-hand Gary Wang, and ex-Alameda CEO Caroline Ellison received $2.2 billion in “cash, crypto, equity and real estate,” alongside 46 others. Roughly $87 million in “political and charitable donations” to third parties were also identified.
U.S. law may allow such payments to be clawed back and distributed to creditors. Thus far, executives including Wang, Ellison, Nishad Singh, and Ryan Salame have already pleaded guilty to various forms of fraud around misuse of client funds and campaign finance violations.
The estate also owns 38 condos in the Bahamas collectively worth $222 million by book value.